ISG lays out the strategy to select the right FinOps partner
By Narinder Kumar (Co-founder & COO, TO THE NEW)
The last few years have been pivotal for the digital-first economy, as the industry has witnessed a mega trend of shifting workloads and data to the cloud. The latest insights from ISG research predict that Cloud spending will surpass US$350 billion by 2022 and continue to grow up to US$500 billion by 2025. But with opportunities come challenges. As companies increasingly build in the cloud, cloud bills are posing serious cost management challenges for businesses.
According to a survey by FinOps Foundation, 30% of organizations found it challenging to find the right resources for their cloud cost optimization team. ISG suggests that an organization needs to leverage third-party cloud cost management vendors to get the most benefits of cloud cost optimization.
With the mushrooming of FinOps vendors offering their specialized services for organizations, choosing the right FinOps partner has become a challenge. Each vendor has unique capabilities and features to address the different pain points associated with cloud adoption. To choose the right FinOps vendor for your business, it is important to analyze and identify the challenges and priorities of your cloud transformation journey.
The first category is FinOps Vendors by Platform, which comprises the comprehensive segmentation of the functionalities offered, along with the key vendors in that space. The second category is FinOps Vendor by Services, segmented with more focus on the service layer, along with platform and Saas capabilities.
However, very few vendors have proven capabilities in providing holistic FinOps solutions using a combination of platform and cost optimization services. CloudKeeper, an end-to-end FinOps solution from TO THE NEW, has emerged as one of the leaders in this space when it comes to the segregation of vendors by Platform and Services.
The Final Thoughts
Building and managing an in-house FinOps Department or Team requires a significant amount of time, expertise and investments, and it might turn out to be a sub-optimal business decision. Before finalizing a partner, you must figure out your cloud optimization requirements and zero in on the partner who could deliver the maximum value in terms of offerings and advantages.
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